The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 available to garage and repair shop"
The goal is to help cover their operating costs during a period where their revenues have been temporarily reduced.
The Canada Emergency Business Account will provide qualifying businesses with access up to $40,000:
- At 0% interest until Dec 31, 2022
- Requires no minimum monthly principal payments until December 31, 2022
- Principal repayments can be made at any time
- $10,000 loan forgiveness is available
Business Credit Availability Program (BCAP)
The Government of Canada has established a Business Credit Availability Program (BCAP) to provide $40 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
BDC and EDC are working with private-sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exports, and tourism.
This program includes:
- Loan Guarantee for Small and Medium-Sized Enterprises
- Co-Lending Program for Small and Medium-Sized Enterprises
Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.
Businesses seeking additional information and support through the Business Credit Availability Program and Canada Emergency Business Account should contact the financial institutions with whom they have a pre-existing relationship with, background information can be found on the Government of Canada’s website HERE...
The enrollment of each program is directly through your financial institution. Your specific financial institution will provide you with the full details of each program, their requirements, and the processes to enroll in the programs.